Meetings to be held in both Nassau and Suffolk County
(Uniondale, NY) Pursuant to the LIPA Reform Act, the Long Island Power Authority (LIPA) will hold two separate public hearings on Tuesday, September 10, 2013 to discuss plans to securitize up to $3.5 billion dollars in existing debt. By securitizing a portion of the existing debt, LIPA will be able to refinance that debt through a higher-rated entity and take advantage of lower interest rates available through the bond market which will result in interest savings that will help mitigate any immediate future rate increases.
LIPA encourages customers to attend one of the two public hearings to offer public comments on the proposed securitization plan. Comments on the plan may also be submitted by e-mail to securitize@lipower.org and will be accepted through September 17th.
It is anticipated that the LIPA Board of Trustees will consider the adoption of the proposed securitization plan at its October 3rd, 2013 meeting, which is also open to the public and will be held at LIPA’s headquarters at 333 Earle Ovington Boulevard in Uniondale.
Public Hearings:
- 10am – H. Lee Dennison Bldg, 100 Veterans Hwy., Hauppauge, NY
- 1pm – Lower Level Teleconference Center, Omni Bldg., 333 Earle Ovington Blvd., Uniondale, NY
LIPA, a non-profit municipal electric provider, owns the retail electric Transmission and Distribution System on Long Island and provides electric service to more than 1.1 million customers in Nassau and Suffolk counties and the Rockaway Peninsula in Queens. LIPA is the 2nd largest municipal electric utility in the nation in terms of electric revenues, 3rd largest in terms of customers served and the 7th largest in terms of electricity delivered. In 2011, LIPA outperformed all other overhead electric utilities in New York State for frequency and duration of service interruptions. LIPA does not provide natural gas service or own any on-island generating assets. More information about LIPA can be found online at http://www.lipower.org.
